I feel like bessent is right: people should be buying Bunds vs. 10yr Treasuries. Both the ECB and fiscal gov'ts are more serious about fighting inflation/keeping fiscal policy tight than their american counterparts. Pushback welcome.

Sep 17, 2026 · 6:40 PM UTC

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Replying to @anotherbearcap
Bunds seem great, but you have AfD risk. Then there’s the FX risk. You can be right on fiscal and still get fucked by M Le Pen just the same. Though Bunds getting redominated into Neue Deutsche Mark if EUR implodes is the right tail risk here. Fun!
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I've asked a few sources (including the LLMs!): Isn't AfD generally fiscally conservative? And eur break up risk is bunds positive? lol - I am not out here saying you should buy OATs
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